THE DAILY BRIEFING

SHIRT SELLING

French luxury giant LVMH is selling the DKNY clothing brand to US group G-III Apparel in a £496m deal. LVMH, owner of Christian Dior, has struggled to turn the loss-making fashion brand around. New York-based G-III owns brands including Bass shoes and Vilebrequin clothing, and has licences with US sports leagues. DKNY founder Donna Karan stepped down from her signature collection last year to focus on her Urban Zen company and foundation.

HANS OFF

Hans Vestberg has resigned as chief executive and president of telecoms company Ericsson as the firm struggles against competition. The Swedish mobile phone manufacturer said Vestberg will be temporarily replaced by finance boss Jan Frykhammar. Last week Ericsson said sales and profits were down.

MINER GAINS

Diamond prices remain weak but miner Petra Diamonds reported better than expected production, which rose 16pc to 3.7m carats. Revenue grew 1pc to £328.6m for the year to June 30. Rough diamond prices on a like-for-like basis were down 6pc. Volumes were up for the firm and it said the market for diamond buying showed signs of recovery. Shares fell 1.26pc, or 1.5p to 118p.

BREXIT BOOST

Derbyshire clothing firm David Nieper is expanding after demand for its wares increased following the Brexit vote. The firm, which employs 250 people, said it will hire 15 people for its sewing rooms and increase production by 15pc. It has offices with sales staff in France, Germany and Holland and a third of its customers are in Europe.

INSURER WINDFALL

Insurer Hiscox has said it was boosted by the fall in the pound after Brexit. Halfyear profits rose from £135.1m to £206m at the firm, which offers ransom and art insurance to the superrich. The value of premiums on its books rose from £1.1bn to £1.3bn. Bosses said they would set up a new company in the EU if Britain lost its access to the single market but stressed that no UK jobs would be lost. Shares fell 0.2pc, or 2p to 1067p.

HSBC OFFLOAD

HSBC is in talks to sell its Lebanese network to the nation’s Blom Bank. The lender is seeking to ditch underperforming businesses in a bid to grow profits. It has been in Lebanon since 1946 and employs around 200 staff in the country. HSBC shares fell 0.6pc, or 2.73p to 490.87p.

OIL STRIKE

North Sea oil workers are to go ahead with a 24-hour strike after the failure to resolve a row over plans to cut pay and allowances. Up to 400 members of the Rail, Maritime and Transport union and Unite employed by Wood Group on Shell platforms will walk out at 6.30am today.